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• Thread: 3 Goods vs 1 No Goods

1. Marginal Revolution
   Rep: -288

   “If economists are so smart, why aren’t they rich?”
   
   

   Peter Coy (NYT) considers a few hypotheses.  My take here is pretty simple.  Here are three of the main ways to beat market returns: 1. Build a new product and sell it successfully. 2. Assemble and maintain an especially talented team of quants.  (It is a separate but still relevant question at what scale you […]

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   1 month ago # QUOTE 1 Volod 1 Vlad !

2. Economist
   b695
   

   Are you kidding? Economists are rich, they've fooled ugrads into think they are learning something useful, and collect a 6 figure salary for working 10 hours a week.

   1 month ago # QUOTE 2 Volod 0 Vlad !

3. Economist
   07b3
   

   Have you looked at Janet Yellens networth? Is that not rich?

   1 month ago # QUOTE 0 Volod 0 Vlad !

4. Economist
   b695
   

   Would you be her sugar baby?

   Have you looked at Janet Yellens networth? Is that not rich?

   1 month ago # QUOTE 0 Volod 0 Vlad !

5. Economist
   07b3
   

   Would you be her sugar baby?

   Have you looked at Janet Yellens networth? Is that not rich?
   

   I'm just saying, Economists are private people to know if someone is rich or not you'd have to know their financial situation. And so there's no inherent reason why that would be publicly available. Think about it, there are lot of economists who earn 200k+ for what 20+ years, who may also be financially savvy. And somehow that's poor in the eyes of the public. Wow.

   1 month ago # QUOTE 0 Volod 0 Vlad !

6. Economist
   b695
   

   I think they mean why arnt they just eating up profits from trading. IE why didnt the economists on this board short the market (there is a post even telling them to do it) for tremendous profit? If economics cant give you enough insight to do this, then what use is economics?

   Would you be her sugar baby?

   Have you looked at Janet Yellens networth? Is that not rich?
   

   I'm just saying, Economists are private people to know if someone is rich or not you'd have to know their financial situation. And so there's no inherent reason why that would be publicly available. Think about it, there are lot of economists who earn 200k+ for what 20+ years, who may also be financially savvy. And somehow that's poor in the eyes of the public. Wow.

   1 month ago # QUOTE 0 Volod 0 Vlad !

7. Economist
   07b3
   

   I think they mean why arnt they just eating up profits from trading. IE why didnt the economists on this board short the market (there is a post even telling them to do it) for tremendous profit? If economics cant give you enough insight to do this, then what use is economics?

   Would you be her sugar baby?

   Have you looked at Janet Yellens networth? Is that not rich?
   

   I'm just saying, Economists are private people to know if someone is rich or not you'd have to know their financial situation. And so there's no inherent reason why that would be publicly available. Think about it, there are lot of economists who earn 200k+ for what 20+ years, who may also be financially savvy. And somehow that's poor in the eyes of the public. Wow.
   

   Because trading takes effort. Would I rather work on a paper or go spend my time looking at a bloomberg terminal. To each of their own, but phd economists you know the ones in academia will choose to work on the paper, because their reputation is built from what they offer to the profession. Preferences, it's such a simple answer. If I wanted to be rich, I would've become rich.

   1 month ago # QUOTE 0 Volod 0 Vlad !

8. Economist
   a209
   

   Academic economists are in the top 5% of the income distribution. How is that not rich?

   1 month ago # QUOTE 0 Volod 0 Vlad !

9. Economist
   07b3
   

   I have never met a phd economist who desired to become rich, fail to become rich.

   1 month ago # QUOTE 0 Volod 0 Vlad !

10. Economist
    833b
    

    I think the answer is there are plenty of smart people, but only the lucky ones get very rich

    1 month ago # QUOTE 0 Volod 0 Vlad !

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